Home Loan with FICO 640-650 Hello all, I've read a few articles on this site since starting to educate myself to the home buying process(and how credit scores are concerned). I'm looking to purchase my first home in the Seattle, WA area. My middle FICO score is in the 640-650 range(not bad nor good). I'm mid 20's and make approx. 35K year. I'm trying to find a loan that will allow 0 down AND all closing costs to be put into the loan. I don't have any saved up cash for a down payment as its going towards paying off my debt(trying to get that score up=-) I've talked with a couple of different Mortgage Brokers and have gotten a couple of Good Faith Estimates. Does anyone have an idea of what types of rates I should be able to get with these conditions? Thanks in advance!
Home Loan with FICO 640-650 Dear homebuyer, If I were you i would call around to 4 or 5 brokers and ask them your question, ask them to please take 10 minutes out of there day to give you a hand and answer your questions. Make sure you have all 3 fico scores when you call. I'm sure with 3 or 4 phone calls you will have a good idea plus or minus a point or 2 of what your rate would be. Btw you might want to consider saving for a year or so bf you buy your home, this cash reserve could make all the difference if you lose your job after your new home purchase. Good luck and please save,save,save. your friend
Home Loan with FICO 640-650 Go to www.amerisave.com, dial the toll free number, press the # sign and enter the name RANSOM. Then, press the # sign again to be connected. Tyson Ransom in Atlanta can help you. Tell him that Robert from Arizona sent you. He can answer your questions. How do I know? He was my rep. I closed with $0 out of pocket and the closer came to me. Also, I didn't have to prove income. Good luck. CardKid
Home Loan with FICO 640-650 I would really think about buying a home on only 35k a year in income. The median home price is 178k and with your score(s) and doing a 3 year ARM interest only your looking at with taxes and interest your looking at $1100 bucks a month with basically the best mortgage you can get 5.375%. A 30 year fixed and your at $1250 a month. 35k is what about $2500 a month take home. That means your mortgage payment alone will be 45-50% of your income. No full doc mortgage lender would touch you. And if you want to lie and misstate your income and go with a stated income you'd be looking at a point higher on the mortgage. Your a walking foreclosure waiting to happen. Don't mean to urinate on your parade but I think it's a bad move.
Re: Home Loan with FICO 640-650 It won't be just my income, I'll have my girlfriend along with one or two other renters providing at least $1100/month along with utilities. Now this is not a GUARANTEED income, but they are pretty stable. But its not a sure thing that I'll be purchasing, I'm not going to accept what I feel to be bad rates. I'll keep you all updated just incase anyone is interested.
